A group of major oil producers has agreed to extend production cuts for another month despite a recent price surge, choosing to limit supply until the global economic recovery is more firmly established.
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers said on Thursday 04 March 2021 that they would largely roll over production cuts during the month of April. Two countries — Russia and Kazakhstan — were granted exemptions to increase their output by a small amount.
The OPEC+ group agreed in January to keep production steady for February and March. At that time, Saudi Arabia surprised markets by pledging to cut its production by an extra 1 million barrels per day, a move that reflected unease about fragile demand. Saudi Arabia agreed on Thursday 04 March 2021 to extend its extra cut through April.
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